One trend I'm seeing more frequently is business owners and professionals in their 50s approaching the end of an interest-only mortgage with no clear repayment plan.
Many took these mortgages out 15–25 years ago expecting rising house prices, investments, or other assets to clear the balance.
Life doesn't always go according to plan.
The UK still has hundreds of thousands of interest-only mortgages outstanding, and many borrowers are now entering the final years of their mortgage term.
If you already have the pressure of running a business, the last thing you need is demand letters from your lender because you left planning too late.
The good news is that there may be options but they usually increase the earlier you start exploring them.
If you have an interest-only mortgage, don't wait until the end of the term. Review your plan now.
Your future self will thank you.
This post is for general information only and does not constitute financial or mortgage advice. Mortgage solutions are subject to your individual circumstances, lender criteria, affordability, and eligibility. Your home may be repossessed if you do not keep up repayments on your mortgage.
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